Bats hits out at Brazilian rival’s fee change

US trading platform accuses BM&FBovespa of trying to stifle competition

By

Tim Cave

Updated: March 26, 2011 11:30 pm GMT

Bats Global Markets has branded recent fee changes by Brazilian stock exchange BM&FBovespa an attempt to block competition and retain its monopoly status, as the US group steps up efforts to build Brazil’s first alternative share-trading platform.

Kansas City-based Bats, which has been exploring the creation of a Brazilian trading venue in conjunction with local asset manager Claritas, criticised BM&FBovespa's decision last month to increase its clearing fees, effectively raising the barriers to entry for rival trading...